U.S.A to Spain, How Much do You Need?

What amount of funds do Americans require to secure residency in Spain in 2024? For US citizens eyeing a move to Spain without employment prospects, understanding the financial prerequisites for residency is essential.

Notable figures like Michael Douglas, Ernest Hemingway, and Ava Gardner have embraced Spain's allure, making it their home away from home.

While not everyone possesses a Hollywood-sized bank account, and despite stricter immigration regulations, US citizens can still pursue residency in Spain even without employment prospects.

This guide targets US citizens not planning to work, study, invest, or leverage Spanish family ties for residency. The focus lies on the non-lucrative residency permit, the primary avenue for Americans to obtain residency based on financial resources.

What exactly is Spain’s non-lucrative residency permit?

This permit, also known as a retirement visa, allows non-EU nationals to reside in Spain for over 90 days without engaging in professional activities, provided they demonstrate sufficient financial means for themselves and potentially their family.

In 2024, the financial benchmark remains consistent with the previous year, aligning with the IPREM at €600 ($651) per month. Typically, applicants for the non-lucrative visa must show 400 percent of the IPREM, amounting to €2,400 ($2,604) per month or €28,800 ($31,255) annually for an individual.

For couples, families, or additional dependents, the financial requirement increases accordingly. Renewals necessitate proof of 800 percent of the IPREM, implying higher financial thresholds.

Apart from financial documentation, applicants must secure comprehensive private health insurance equivalent to Spain’s public healthcare coverage. Tax considerations and potential investments must also be factored into the residency plan.

Another option for residency is the Golden Visa scheme, which entails purchasing property worth €500,000 in Spain.

For comprehensive guidance on the non-lucrative visa application process and all other questions you have, consult the experts, SGM Abogados. We are waiting for your call.